Report
Alex Zhao
EUR 101.80 For Business Accounts Only

Veon focuses on regaining ground in core markets after setbacks from past acquisitions.

We are transferring coverage of Veon with a no-moat rating, stable moat trend, and a fair value estimate of $4.50 per ADR, up from $4 per ADR. Veon is the third-largest wireless operator in Russia and one of the largest in the Commonwealth of Independent States (CIS). It acquired Wind telecom in 2011 to expand to a few markets, including Italy, Canada, Algeria, Bangladesh, and Pakistan, where operating results are mixed, with Veon winning some markets while faring worse in others. Veon has taken...
Underlying
VEON Ltd.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Alex Zhao

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